Buying a Condo in Miami: What to Check Before You Make an Offer
What Should Miami Condo Buyers Check Before Making an Offer?
Miami condo buyers in 2026 need to verify three documents before making any offer: the Structural Integrity Reserve Study (SIRS), the Milestone Inspection Report (if applicable), and the current HOA budget and reserve account balance. Florida's SB 4-D law, which took full effect in January 2025, requires all condo buildings three or more stories tall to fund reserves for major structural components. Buildings constructed before 1995 are now issuing special assessments ranging from $30,000 to over $100,000 per unit to cover decades of deferred maintenance. Reviewing these documents before you make an offer — not just during inspection — gives you the information you need to price your offer accurately and negotiate from a position of strength.
By Lynley Ciorobea | June 17, 2026
The Miami condo market is the most buyer-friendly it's been in years. There's roughly 13 months of condo supply in Miami-Dade as of mid-2026, which means you have real negotiating room on price, on contingencies, and on who pays what at closing.
But there's a financial layer most buyers don't think about until it's too late. And in Miami's condo market right now, it matters more than almost anywhere else in the country.
Before you make an offer on any Miami condo, you need to see these documents.
Why Miami Condos Carry a Hidden Financial Risk Right Now
In May 2022, Florida passed Senate Bill 4-D in direct response to the Surfside collapse that killed 98 people. The law requires all condominium buildings three or more stories tall to complete:
A Structural Integrity Reserve Study (SIRS) every 10 years, evaluating eight major structural components
A Milestone Structural Inspection for any building 30 or more years old (25 years if within three miles of the coast)
Full reserve funding for SIRS-identified components, effective December 31, 2024
That last point is the one that changes everything for buyers. Starting in January 2025, associations can no longer vote to waive or reduce reserve contributions for structural components. They have to fund them.
The problem: most older Miami condo buildings had been under-funding reserves for decades. The average reserve funding level before the SB 4-D deadline was 40 to 60 percent of what was actually required. That gap is now a debt -- and if you buy into one of these buildings, it becomes your debt too.
The first wave of large special assessments hit in 2025 and is continuing into 2026. Buildings constructed between 1975 and 1995 -- and there are a lot of them in Miami, Coral Gables, and Coconut Grove -- are now issuing assessments ranging from $30,000 to $75,000 per unit for typical roof, concrete, and waterproofing projects. Buildings with more significant structural needs are seeing assessments that exceed $100,000 per unit.
Average HOA fees across Miami-Dade have risen approximately 40 to 55 percent since 2020, concentrated in those older buildings. What looked like a manageable $750/month condo fee a few years ago is now $1,100 or more in many buildings, with potential assessments on top of that.
None of this means you should avoid Miami condos. The market has real values in it right now. But you need to know what you're buying into before you make an offer.
The Three Documents to Request Before You Make Any Offer
1. The Structural Integrity Reserve Study (SIRS)
This is the single most important financial document in any Miami condo purchase. The SIRS evaluates eight structural components of the building: the roof, load-bearing walls and primary structural systems, fire protection systems, plumbing, electrical systems, and waterproofing and exterior features (including windows and exterior doors).
For each component, the study estimates the remaining useful life and the cost to repair or replace it. It then calculates how much the association needs to be collecting each month to be ready when that work is due.
What you're looking for is the percent funded figure. If the association is 80 to 100 percent funded, that's healthy. If it's 40 to 60 percent funded, there's a gap that will likely produce a future assessment. Below 40 percent funded -- or a study that identifies major work with no clear funding plan -- you need to factor that exposure into your offer price.
Ask for the full SIRS and any addenda or consultant cost estimates, not just a summary. Also ask for the current reserve account balance. You want to know what the study says they need and what they actually have on hand.
2. The Milestone Inspection Report
If the building is 30 or more years old (25 or more if within three miles of the coast), it's required to have completed a Phase I milestone structural inspection by a licensed engineer or architect.
This report looks for deterioration, water intrusion, and conditions that could affect structural integrity. If the Phase I inspection reveals concerns, the engineer may require a Phase II inspection, which involves physical testing and more detailed analysis.
Request this report before you make an offer. Look for anything flagged as a safety concern or requiring further action. Associations are required to file their inspection results with the local building official, so this document shouldn't be difficult to obtain.
3. The Current HOA Budget and Reserve Account Balance
Beyond the SIRS, you want to see the current operating budget and the reserve account balance. Look for:
Whether the budget includes full SIRS reserve contributions (as required by law)
Any line items for pending or active special assessments
HOA association loans or lines of credit (collective debt that will affect your monthly fees)
Insurance premium line items, which have risen dramatically in Florida since 2021
If the association has taken out a loan to fund reserve requirements, your monthly HOA fee may include debt service on that loan for years to come. That's part of your true carrying cost -- along with your mortgage, property taxes in Miami-Dade, and homeowners insurance. Run all four numbers together before you compare condo options or make any offer. For a breakdown of what you'll pay at closing, see the guide to buyer closing costs in Miami-Dade.
How to Use the Current Market to Your Advantage
With 13 months of condo supply in Miami-Dade right now, you have real room to negotiate. The average home received 2.3 offers in May 2026, but in the condo segment, that competition is far thinner -- which works in your favor.
If a SIRS review reveals underfunded reserves or a known upcoming project, that's not a reason to walk away automatically. It's a negotiating point. You can:
Ask the seller to pay any levied or pending assessment in full at closing
Request a closing credit equal to your estimated share of a known upcoming project
Adjust your offer price to reflect the financial exposure you're taking on
Walk away if the numbers genuinely don't make sense, knowing there will be another unit
Florida law requires sellers to disclose both levied and pending special assessments under the Florida Condominium Rider. If a seller hasn't disclosed an active assessment, that's a conversation for your agent and your attorney. (For a detailed look at exactly what sellers are required to disclose, see the guide to condo special assessments and seller disclosure obligations.)
Buyers who do this review before the offer -- rather than hoping to sort it out during the inspection period -- are in a much stronger position. You know what you're offering on. You've built the risk into the price. And you're not rushing through financial documents under the pressure of a ticking contract clock.
New Buildings vs. Older Buildings: What the Numbers Actually Mean
New luxury condo buildings completed in the last five to seven years typically have fully funded reserves from day one and use modern materials that won't require major structural work for decades. Their HOA fees reflect that: $1,500 to $3,000 or more per month for full-amenity high-rise buildings. But the unit price also reflects it.
Older buildings -- particularly those from the 1970s through 1990s -- often show lower HOA fees on paper. But that number can shift quickly once the SIRS funding plan is implemented and special assessments begin. A building charging $800/month today may be looking at a $400/month increase plus a $50,000 assessment over the next two to three years.
That doesn't automatically make the older building a worse purchase. The unit price should reflect the uncertainty. But you need to run the real numbers -- true monthly carrying cost including any likely assessments -- before you compare the two options side by side.
Every condo purchase in Miami is different, and the right answer depends on the specific building, the unit price, and how all the numbers fit together for your situation. This is exactly the kind of evaluation I walk buyers through before we put any offer in writing.
Frequently Asked Questions
What is a Structural Integrity Reserve Study (SIRS) and why does it matter for Miami condo buyers?
A SIRS is a mandatory financial and structural assessment required by Florida law for all condo buildings three or more stories tall. It evaluates eight major structural components, estimates how much it will cost to repair or replace each one, and calculates what the association should be collecting in reserves. For buyers, it's the primary tool for understanding your financial exposure to future special assessments -- which in older Miami buildings can range from $30,000 to over $100,000 per unit.
How do I get the SIRS before making an offer on a Miami condo?
Ask your agent to request the SIRS, the current reserve account balance, the most recent HOA budget, and the Milestone Inspection Report (if applicable) directly from the listing agent or seller. Most Florida listing agents will provide these documents before an offer -- and if they won't, that's worth paying attention to. Under Florida law, buyers who receive condo documents after going under contract have a review window to cancel the contract if the documents raise concerns.
Are older Miami condo buildings risky to buy right now?
Not necessarily, but they require more due diligence than newer buildings. Older buildings (particularly those from the 1970s through 1990s) are most likely to have underfunded reserves and active or pending special assessments following Florida's SB 4-D requirements. That doesn't make them bad purchases -- the unit price may reflect the uncertainty -- but you need to see the SIRS and HOA financials before you can make an informed offer.
What happens if I find a pending special assessment after going under contract on a Miami condo?
Under the Florida Condominium Rider, sellers are required to disclose levied and pending assessments. If you discover an undisclosed assessment during the contract period, you have grounds to negotiate: ask the seller to pay it at closing, request a price adjustment, or cancel the contract during your buyer document review window. This is exactly the kind of situation where having an experienced local agent makes a significant difference.
How much do HOA fees typically run for condos in Miami-Dade?
Miami condo HOA fees have risen significantly since 2020 -- up roughly 40 to 55 percent in older buildings. Buildings that were previously charging $600 to $800/month are frequently now in the $1,000 to $1,400/month range. Newer luxury high-rise buildings typically run $1,500 to $3,000 or more per month. Your true monthly carrying cost includes HOA fees, property taxes, insurance, and mortgage -- run all four numbers before you compare options.
Miami's condo market has real opportunity in it right now. The supply levels are the highest they've been in years, prices have corrected in many older buildings, and buyers who do their due diligence carefully are finding genuine value.
The document review described here -- the SIRS, the milestone inspection, the HOA budget and reserve balance -- is the step that separates an informed condo purchase from a costly surprise. Reviewing it before the offer, not just during inspection, is one of the most important things you can do to protect yourself.
If you're evaluating condos in Coral Gables, Coconut Grove, Palmetto Bay, or anywhere in Miami-Dade and want a second set of eyes on what you're looking at, I'm happy to walk through the financials with you. Reach out anytime at lynleyresidential.com.
About Lynley Ciorobea
Lynley Ciorobea is a Miami-born real estate professional known for helping homeowners successfully prepare, position, and sell their homes across Coral Gables, South Miami, Pinecrest, Palmetto Bay, and the surrounding southern Miami neighborhoods. Since 2007, she has built her business around thoughtful strategy, strong negotiation, and a marketing-first approach designed to help listings stand out in an ever-evolving market.
A true local, Lynley grew up in Pinecrest and graduated from Palmer Trinity School before attending Duke University, where she earned a BA in Psychology. Her deep roots in Miami give her a nuanced understanding of the architecture, lifestyle, and character that make each neighborhood distinct. From classic Old Spanish homes in Coral Gables to newer construction in South Miami and Pinecrest, she brings a local perspective that goes far beyond surface-level market knowledge.
Over the years, Lynley has naturally become a trusted resource for homeowners preparing to sell. Many of her clients come to her long before their home ever hits the market, looking for guidance on timing, pricing, improvements, and how to position their property thoughtfully. She approaches each listing as a strategic launch rather than a simple transaction, combining market insight, negotiation experience, and elevated marketing to help sellers move forward with clarity and confidence.
As the founder of the Lynley Residential Group, Lynley remains personally involved in every listing she represents. She leads each transaction from initial strategy through closing, ensuring that every detail — from pricing and preparation to storytelling and exposure — reflects the uniqueness of the home itself. Her work often centers on architecturally interesting properties and homes where thoughtful positioning can make a meaningful difference in outcome.
Throughout her career, Lynley has consistently ranked among the top real estate agents in Miami. She has been recognized as part of EWM's Chairman's Club, placing in the top 5% of the company; in 2022 she was honored as the #2 individual agent at the company overall with $37 million in annual sales; and she's a leader in Miami with Real Broker. With more than $100 million in career transactions and more than 60 5-star Google reviews, her experience spans a wide range of property types while maintaining a strong focus on seller representation in southern Miami.
Beyond her work with clients, Lynley is known locally for her market insight and community-focused content. Through her weekly newsletter, neighborhood videos, blog posts, and social media, she shares thoughtful perspectives on the Miami real estate market and the lifestyle that surrounds it. Her approach is informative without being overwhelming, offering homeowners a clear understanding of how market conditions affect real decisions.
If you're preparing to sell a home in Coral Gables, Coconut Grove, South Miami, Pinecrest, Palmetto Bay, or nearby areas, Lynley offers a local perspective shaped by experience, relationships, and a genuine understanding of what makes Miami homes so special. Learn more at lynleyresidential.com.